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Rising COVID Cases in China, Plunging Oil Prices Drag European Equities Lower in Monday Trading

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Last updated: 11/21/2022 11:28:54

11:28 AM EST, 11/21/2022 (MT Newswires) -- European equities were pulled lower in Monday trading by rising COVID-19 cases in China and tumbling oil prices, which were down more than 5% following media reports that Saudi Arabia and other oil-rich countries may increase production. American depositary receipts of European stocks were off 1.01% at 1,049.44 on the S&P Europe Select ADR Index.

In continental Europe, the gainers were led by biotech firm Forward Pharma (FWP) and biopharmaceutical company Grifols (GRFS), which rose 4.1% and 2.6% respectively. They were followed by biopharmaceutical companies argenx (ARGX) and DBV Technologies (DBVT), which were up 2.2% each.

The decliners in continental Europe were led by oil and gas companies Eni (E) and TotalEnergies (TTE), which fell 4.6% and 4.4% respectively. They were followed by petroleum refiner Equinor (EQNR) and dating app owner Spark Networks (LOV), which dropped 2.9% and 2.7% respectively.

In the UK and Ireland, the gainers were led by biopharmaceutical company Adaptimmune Therapeutics (ADAP), which rose 3.8%, followed by pharmaceutical company GSK (GSK) and biopharmaceutical company Verona Pharma (VRNA), which increased 1.5% each.

The decliners in the UK and Ireland were led by biotech company Trinity Biotech (TRIB) and oil and gas company BP (BP), which dropped 5.1% and 4.6% respectively. They were followed by mining company BHP Group (BHP) and oil and gas company Shell (SHEL), which fell 4% and 3.8% respectively.

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